SP500 Technical Analysis ES1! futures S&P 500 Index 3-3-23
What’s on the market now:
Today the S&P500 (ES1!) is trading at 4007. Yesterday my expectations of a correction to 3880 were not justified. Although I expect the index to rise to 4310 and above. However, I expected a reversal from the 3880 level.
Now the market is moving towards the level of 4040. Level 4040 should be given special attention. I expect many market participants to look for opportunities to go short. This will cause the index movement to stabilize and an attempt to roll back to the level of 3970. However, if this attempt to reverse is frustrated, we will see a sharp rise in the index to the level of 4130 and above.
It is important: all the goals that were set for the US stocks were fulfilled, the correction took place in the main US stocks.
If you haven’t seen yesterday’s index analytics, you can check it here.
What today:
Today, at the beginning of the trading day, I expect the index to try to rise to the level of 4024-4050. At this level, many speculators will try to reverse the index again. And, if this attempt is successful, then we will see the index drop to the level of 3970.
But if the attempt to reverse at the level of 4024-4050 is broken, we will see a sharp increase in the index to the level of 4130 and above.
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